{"id":7431,"date":"2010-03-09T12:16:23","date_gmt":"2010-03-09T17:16:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7431"},"modified":"2010-03-09T12:16:23","modified_gmt":"2010-03-09T17:16:23","slug":"audusd-marches-higher-despite-european-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/09\/audusd-marches-higher-despite-european-weakness\/","title":{"rendered":"AUD\/USD Marches Higher Despite European Weakness"},"content":{"rendered":"

The Aussie is marching higher after holding strong despite recent weakness in the Pound and Euro.\u00a0 The Aussie continues to outperform due to strong Australian fundamentals and the RBA\u2019s tight monetary policy stance as compared to other central banks.\u00a0 The Aussie is also finding strength after comments from the Fed\u2019s Evans implying that \"\"<\/a>the central bank\u2019s loose monetary policy is here to stay until unemployment improves considerably, which could take quite a while considering how sluggish the U.S. recovery is.\u00a0 Dovish comments from the Fed are benefitting the Aussie due to the interest rate differential with the possibility of future RBA rate hikes down the line.\u00a0 Australia will come into focus again tomorrow with the release of Home Loans data.\u00a0 It will be interesting to see if higher interest rates have weighed on lending.\u00a0 Additionally, investors will receive key economic data from China over the next couple trading sessions.\u00a0 Considering China has been driving Australia\u2019s economic recovery, Chinese economic data could have a noticeable impact on the Aussie.\u00a0 Stronger than expected numbers would likely favor the Aussie\u2019s uptrend, and vice versa.\u00a0 Meanwhile, there has been chatter that China will appreciate the Yuan in the near-future.\u00a0 A stronger Yuan could have a negative impact on the Aussie since demand for Australia\u2019s commodities could take a hit.\u00a0 However, such matters are purely speculation right now and haven\u2019t had much of an impact on the Aussie thus far.\u00a0 The AUD\/USD is testing the patience of our 1st and 2nd tier downtrend lines, which run through the .9250 area.\u00a0 Hence, a positive development for the risk trade could yield considerable gains in the Aussie.<\/p>\n

Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday, 3\/4lows, and the psychological .90 area.\u00a0 As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with March highs and the highly psychological .91 area.\u00a0 Additionally, previous 2010 highs could serve as a hefty technical barrier should they be tested.<\/p>\n

Price: .9104<\/p>\n

Resistances: .9104, .9120, .9134, .9146, .9160, .9175<\/p>\n

Supports: .9083, .9069, .9054, .9038, .9021, .9008<\/p>\n

Psychological: .91, .90, March highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Aussie is marching higher after holding strong despite recent weakness in the Pound and Euro.\u00a0 The Aussie continues to outperform due to strong Australian fundamentals and the RBA\u2019s tight monetary policy stance as compared to other central banks.\u00a0 The Aussie is also finding strength after comments from the Fed\u2019s Evans implying that the central … <\/p>\n

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